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CRA board clears sale of 551 East Sixth Street to adjacent owner with development agreement
Summary
The CRA approved a proposal to sell a donated CRA parcel at 551 East Sixth Street to the adjacent property owner for $42,500, contingent on a development agreement requiring property development within three years and an option for the CRA to repurchase if milestones aren’t met.
The Panama City CRA on July 29 approved the negotiated sale of a CRA‑owned vacant lot at 551 East Sixth Street to the adjacent property owner, V and S Liquors Inc., for $42,500, contingent on a development agreement that requires the buyer to complete development within three years.
Staff said the city acquired the 18,034‑square‑foot (0.41 acre) parcel by donation in 2025. Two independent appraisals obtained by the CRA valued the property at $72,000 and $195,000. One proposal was received in response to an RFP; staff recommended accepting the proposal from the adjacent owner with development obligations and a repurchase option if the purchaser does not satisfy development milestones.
Board members discussed policy tradeoffs between maximizing immediate sale price and incentivizing a first mover to stimulate broader reinvestment. Board members expressed support for using a below‑market sale plus development agreement to accelerate redevelopment and return the parcel to the tax rolls. The purchaser, Jason Oakes, said he lives locally and is already invested in nearby properties and committed to improving the site.
The agreement will include an approximately 180‑day due‑diligence period and a development agreement to be returned to the board for approval; staff said it will target September or October for that follow‑up and noted the CRA retains an option to repurchase the parcel if required uses or development milestones are not met. The board approved the motion 3‑0.
